臺灣博碩士論文加值系統

政府實施上市上櫃公司買回本公司股份辦法，主要是允許公司於特定情況下，可買回自家公司的股票，賦予公司穩定股票價格之機制。本文乃是觀察「股票買回宣告效果」是否在台灣地區上市掛牌之電子類股存有類似的效果。採用事件研究法，探討自2004年8月初至2009年8月底，實施股票買回計畫的台灣地區上市掛牌之電子類股其股價之變化情形，並根據雷曼兄弟倒閉之時間點與初次執行與否進行樣本分類。獲致如下之實證結果：一、全體宣告樣本、非初次執行組與金融海嘯後，透過公司管理當局宣告股票買回計畫，可以傳遞股價遭低估之訊息予市場，但僅限於短期為正的累積異常報酬，帶動股價短期小幅上揚。二、全體宣告、初次與非初次、金融海嘯前後之樣本長期事件窗口(11～20、21～30、…、41～50以及0～40與0～50天)之累積異常報酬則皆為負值。透露出台灣地區上市掛牌之電子類股公司管理當局計畫採用股票買回為「護盤」策略時，必須審慎考量市場投資人對於手中握有可觀現金部位的上市電子業採取「股票買回」機制之觀感，是可以順利傳遞出股價被低估之訊息呢？抑或只是在缺乏市場前瞻性下，僅是處置閒置資金之消極性作法？可否達成穩定股票價格之預期功能，在長短期不同的事件窗口觀點下，可是有截然不同的解讀效果。

Taiwan government legislated for the listed companies that can repurchase their own stocks under some special situations to stabilize the undervalued stock for protecting the shareholders’ wealth. This study observed whether the stock repurchases announcement effects around 2008 financial tsunami would have similar effects on Taiwan’s listed electronics firms with the other research results. We adopted the event study approach to examine the announcement effects of the electronic stock price under the implementing the stock repurchase programs from August, 2004 to August 2009. Considering these two criteria to classify the sample into 4 groups: (1) the time before/after of Lehman Brothers went to bankruptcy (as the time before/after 2008 financial tsunami), and (2) the first time announcement to implement the stock repurchase program or not. The first empirical results showed that the announcement of stock repurchase could release the messages of the undervalued stock price for most of our sample groups with the short-term of positive abnormal returns, except the sample group of the first time announcement to implement the stock repurchase program. Second, after starting the stock repurchase program, the first and non-first implemented and before/after the financial tsunami, all the sample groups of long-term event got the negative abnormal returns (11~20, 21~30, … , 41~50, 0~40 and 0~50). The listed company managers should consider whether the investor’s attitude toward the stock repurchases can release the messages of under-valued stock price when government implement the “Stock Market Stabilization” strategies? Was it a passive way to deal the redundant money under lack of latest technique and market’s prospect? Whether it could achieve the expected stabilize the stock price under the short-term or long-term viewpoints, we would have different explanations from the viewpoint about the firm’s manager maybe with the selfish intentions.

目錄
摘要 I
Abstract II
誌謝 III
目錄 IV
表目錄 V
圖目錄 VI第壹章 緒論 1
第貳章 文獻回顧 5
第一節 台灣庫藏股制度介紹 5
第二節 庫藏股相關假說 11
第参章 研究設計 15
第一節 研究假說建立 15
第二節 資料來源 16
第三節 研究方法 17
第四節 研究範圍 19
第肆章 實證分析 20
第一節 全體宣告效果 20
第二節 初次與非初次宣告效果 23
第三節 金融海嘯前後宣告效果 27
第伍章 結論 32
參考文獻 35
附錄 38

表目錄
表1 上市上櫃公司買回本公司股份辦法修正條文對照表 5
表2 修法目的說明表 9
表3 樣本公司（台灣地區上市電子業）宣告庫藏股買回計畫之相關資訊彙總表 16
表4 公司宣告買回自家股票全體樣本分段宣告效果之樣本統計量彙總表 20
表5 公司宣告買回自家股票全體樣本分段宣告效果彙總表 21
表6 公司初次宣告買回自家股票全體樣本分段宣告效果之樣本統計量彙總表 23
表7 公司初次宣告買回自家股票全體樣本分段宣告效果彙總表 24
表8 公司非初次宣告買回自家股票全體樣本分段宣告效果之樣本統計量彙總表 25
表9 公司非初次宣告買回自家股票全體樣本分段宣告效果彙總表 26
表10 金融海嘯前公司宣告買回自家股票全體樣本分段宣告效果之樣本統計量彙總表 28
表11 金融海嘯前公司宣告買回自家股票全體樣本分段宣告效果彙總表 29
表12 金融海嘯後公司宣告買回自家股票全體樣本分段宣告效果之樣本統計量彙總表 30
表13 金融海嘯後公司宣告買回自家股票全體樣本分段宣告效果彙總表 31

圖目錄
圖1 研究資料期間 19

一、中文文獻
1.陳嘉惠、劉玉珍、林炯垚，2003，「公開市場股票購回影響因素分析」，證券市場發展季刊，15卷3期，27-62。
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